Gold prices opened on the Multi Commodity Exchange (MCX) on Friday at Rs 69,475 per 10 grams and hit an intraday low of Rs 69,297. In the international market, prices hovered around $2,279.76 per ounce.Guoabong Wealth Management
Meanwhile, silver opened at Rs 79,339 per kg and hit an intraday low of Rs 78,777 on the MCX. In the international market, the price hovered around $26.57 per ounce.
Kaynat Chainwala, Senior Manager-Commodities Research at Kotak Securities, said, “COMEX Gold futures retreated from a record high of $2325.3 per troy ounce as investors weighed hawkish comments from Fed officials and remained cautious ahead of the US NFP data later todayJaipur Stock. Minneapolis Fed chief Neel Kashkari said Thursday that interest-rate cuts may not be needed this year if progress on inflation stalls, especially if the economy remains robust. After gaining almost 10% in March and more than 1% so far in April, gold prices might take cues from US Jobs data and inflation numbers due this week and next for gauging Fed’s policy path. Heightened geopolitical tensions and possible escalation between Iran and Israel might aid safe-haven bids and provide a cushion.”
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold price hovers around the record high levels while silver witnessed some profit booking after breaching the all-time high mark on the domestic front, benefiting from changing expectations surrounding U.S. interest rate cuts as well as increased safe haven and industrial demand.”
Persistent geopolitical tensions in the Middle East and between Russia and Ukraine, coupled with a devastating earthquake in Taiwan, spurred safe haven plays into bullion and other precious metalsKanpur Stock. The Dollar index showed signs of strength once again, reversing from the 104 mark; similarly US 10-year yields continue to show strength hovering above 4.3%.
Fed officials, including US central Bank chief Jerome Powell, continued focusing on the need for more debate and data before interest rate cuts, which are expected to occur in the month of June.
“Data showed the number of Americans filing new claims for unemployment benefits increased more than expected last week as labour market conditions gradually eased. US factory orders and ADP employment change data were reported better expectations earlier this week; we could see some delayed impact of the same before the all-important US Non-farm payroll data, scheduled later today,” said Modi.New Delhi Stock Exchange
US unemployment rate is expected to reported in-line with expectations at 3.9%, while US Non-farm payroll data is expected slightly lower than previous monthKolkata Stocks. Any sign of ease off in labour market could reduce Fed’s hesitation regarding rate cuts this year.
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